Overdraft shop

Now a new one and it "says" it will not affect your credit score.... sure!
Overdraft your checking by $5..... I think not.... at least not on purpose!

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Seriously? You found a shop with this scenario?

That one has been running in Florida for a while (or one very similar). Not a bank I do business with anyway so I have not explored it in depth. I can understand the need for such shops and certainly I would use other shops to keep tabs on my credit score and raise bloody h*ll if ever a hint of this activity got through to my credit report.

If the shop is to test the courtesy pay - then it is not a loan. Courtesy pay (extended overdraft) is a service that the bank puts in place whereby they cover your overdraft for a "fee" - the fee that they charge is often VERY high - like 25 or 30 dollars or more. This FAR exceeds allowable usary limits, which is the interest rate limit that a bank is allowed to charge people. They get around this by insisting that courtesy pay is NOT a loan - and not subjected to loan regs. Conversely, this cannot affect your credit, and they cannot report this to the credit agencies, as you are not taking out a loan.

I have been in banking for 20+ years and can assure you that overdrafts do NOT affect your credit score.

Sorry Ellen but I have seen credit reports with them on it... more than once....
Where I volunteer I encounter this often. And especially with a young adult it is a hinder to future credit.

You might have seen credit reports that reflect charged off or deliquent checking accounts that occurred because people put their checking account into overdraft status for months and don't deposit money ever to bring it out of negative status but you haven't seen a credit ding because someone overdrafted theit account by 5 and then quickly brought it back to black. There are laws that prevent that from happening and banking is regulated to prevent this from happening.

Although I just realized that I speak from years of US banking experience. I don't know what the regs are in canada? Did you see this shop in canada?

That shop is available at a bank I do have an account at. While they say it will not affect you, it can. If in the future you accidentally overdraw your account for real, you will now show a history of being overdrawn.

Edited 1 time(s). Last edit at 10/07/2010 04:14PM by lisams901.

While I understand the need to evaluate this type of activity, it goes against everything that I got into MSing for.

I do this to make it seem like I have MORE money than I really do, not less!

I hope these pay well for the humiliation aspect of the job. I put these shops in league with visiting the hair loss clinic.

Mickey these are US kids I have seen credit reports for.....
and it IS there no matter if it should be or not.... I just saw one of those kids yesterday. His is still there and it is hindering him from a credit check for a new apt. Can't get it. He DID overdraft (he is NOT a mystery shopper) and admits he overdrafted and it still showed as of Wednesday legal or not.

It just seems that shops are going more towards the economy
what the market will bear so to speak....
we know the general population has money issues and the companies need to see how that is with integrity shops etc.
I commend them for that. BUT they are also jeopardizing the shoppers.

With banks and credit cards there is a 30 day grace period before the credit bureaus tag your score this is true with all three credit agencies. So if you over draw as long as it is cleaned up before the next billing cycle it won't affect your score. If it is not it will. That's why some have sid different answers and both are right. With the other penalties it varies from bank to bank. But with your credit score they cannot dock your score unless its more than 30 days late.

shopping north west PA and south west ny

My credit score is very important to me. It gets me some shopping jobs for which I would not be eligible with a lower score. If I were going for full time employment, many places check credit scores along with background information before hiring for responsible positions. If I wanted to buy or refi a house, rent an apartment or do a number of things, my credit score would determine how good my interest rate would be on the loan or whether I would be allowed to rent. To me it almost does not matter whether an overdraft shop can or cannot be reported to a credit agency, whether signing up and then cancelling cell phone service will be 'wiped off my credit report', whether insurance shops are 'soft hits that don't really count' to my credit report or whether tax refund anticipation loans are generated that will definitely hit my credit report. I don't want my low paying mystery shops to EVER POTENTIALLY jeopardize a score I have worked too hard to build. The cost to my real life could be too great. The assurances of schedulers that everything will be okay I won't say are misleading, but their job is to get the shops filled. There are enough 'oops' situations in this world already, I don't need to hold my breath to see if I am subjected to an 'oops' on work that pays under $100.

I agree with Flash completely. Would anyone take a "sugar pill" with a promise of no consequences, just to be paid $10?. No way. If anything goes wrong, try to get an explanation from a scheduler. Nobody is looking for your interests in this industry, so you have to be watchful for yourself.

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Overdraft shop

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